The UN Secretary-General António Guterres expressed readiness to support a UN convention on tax that would overhaul century-old global tax rules. In a report to the General Assembly, the Secretary-General recited a call from finance ministers of the Economic Commission for Africa made earlier this year on the UN to start negotiations on a tax convention to address the threat of global tax abuse. After a decade of failed reform efforts at the OECD, a club of rich countries that have set global tax rules for the past 60 years, countries all around the world remain exposed to rampant global tax abuse by multinational corporations (as well as by wealthy individuals), which is estimated to cost countries a total of USD 483 billion in lost tax a year. Read more here.
Source: Tax Justice Network